The Federal Executive Council (FEC) has approved the release of funds recovered by the Economic and Financial Crimes Commission (EFCC) for investment in Nigeria’s education sector.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing journalists after the FEC meeting presided over by President Bola Ahmed Tinubu.
Alausa said the recovered funds would be channelled through the Nigerian Education Loan Fund (NELFUND) to strengthen education financing and improve access to tertiary education.
According to the minister, the council has directed the Attorney-General of the Federation and Minister of Justice to work with the Ministry of Education to establish the necessary legal and administrative framework for deploying the recovered funds.
He, however, clarified that funds currently subject to litigation would not be released until the relevant legal proceedings have been concluded.
The minister commended President Tinubu for his commitment to transforming the education sector, saying the additional funding would support government efforts to expand educational opportunities for Nigerians.
The decision is also expected to strengthen NELFUND’s capacity to provide financial assistance to eligible students and support broader initiatives aimed at improving access to education.
The move underscores the Federal Government’s policy of redirecting recovered proceeds of financial crimes towards critical areas of national development, with education identified as a key priority.
Details on the specific recovered funds eligible for release, the process for transferring them to NELFUND and the programmes that will benefit from the allocation are expected to emerge once the relevant ministries and agencies conclude work on the legal and administrative framework.
The development comes as the Federal Government continues efforts to mobilise additional resources for the education sector amid ongoing reforms aimed at improving access, affordability and sustainability in education financing.
